What is eNPS?

eNPS is a digital platform through which Central, State Government employees as well as employees of government related institutions can open their NPS account. Any government employee can open his/her ENPS account in two ways. First – Through Aadhaar online and offline KYC. Second- Through PAN card along with other KYC documents. 

 What will be the benefit of eNPS? 

• PFRDA has stated many benefits of the eNPS platform. 
• Onboarding of government employees will be easier than before.
• Through this, the nodal officer will be able to do verification easily.
• Through eNPS, the work of the nodal officer will become easier and as it is paperless, it will also take less time. 
• In this, registration can be done only by esigning through OTP. 
• Due to digitalization the cost of opening an NPS account will reduce. 
• Due to online process, PRAN will be generated on time and due to this, we will be able to ensure contribution on time. This will increase your chances of getting higher returns. 
• Due to online process, the possibility of cancellation will also reduce. 
• This will reduce logistics costs. In physical form, the forms are first submitted to the nodal officer by the subscriber. After this the nodal officer submits it to CRA-FC. 

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QR codes can also be created offline

According to Pension Fund Regulatory and Development Authority (PFRDA), after the facility of payment through QR code, now people will be able to easily deposit money in their NPS account sitting at home. These QR codes can also be created offline in Tier-1 and 2 accounts so that payments can be made through them in future.

PFRDA wants to connect more and more people

PFRDA wants to add more and more people to NPS. Digital payment has played a great role in this scheme. Therefore, with the introduction of the facility of payment through QR code for digital payment, it will become more convenient for the investors.

Retirement savings can be easily controlled

Amit Sinha, Group Head (Social Security and Welfare) of Proteus eGov Technologies Limited (NSDL E Governance Infrastructure Limited) said that providing the facility of payment through QR code is an encouraging step. This will make it easier to transfer money to NPS. With this initiative of PFRDA, those running NPS accounts will be able to easily control their retirement savings. You will also be able to increase your capital.

Rs 2700 crore came into NPS through de-remit/virtual ID

At present, NPS subscribers can make payments using the de-remit facility from their bank accounts. D-Remit ID is 15 digits long. It has to be added to the beneficiary of the bank account using internet banking. After this, money can be transferred from the savings bank account to the NPS account. According to PFRDA, around 10 lakh D-Remit IDs have been created so far. About Rs 2700 crore has come to NPS through these IDs. If the bank receives the de-remit by 9.30 am on a working day, then it invests it in the NPS account on the same day.

To avail the facility D-Remit/Virtual ID must be created

Now de-remits can also be made through QR code. However, the facility of investment through QR code will be available only to those whose de-remit/virtual ID has been created.

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The amount that investors can withdraw through the Systematic Withdrawal Facility is the same amount which till now could be withdrawn in lump sum as 60 per cent. If you are also planning for Systematic Withdrawal Facility (SWF), then it is important for you to know about it.

This money is tax free

Here it is important for you to know that when you select the Systematic Withdrawal Plan, you cannot invest further in NPS. Returns will keep coming on the money deposited in your account but you will not be able to invest much. If you understand in simple language, it means that you will not be able to claim any kind of tax deduction on investment in NPS. Till now, 60 percent of the money received at the time of retirement is tax free. But it is not clear whether this system (tax free money) will be applicable on Systematic Withdrawal Facility (SWF) or not.

Do this work to get the benefit of compounding

Investors who select the systematic withdrawal option can opt for immediate annuity or can fix it till the age of 75 years. In case of fixing, your money will be frozen for the period decided by you. Later you will be able to remove it systematically. According to experts, any investor should fix his annuity till the age of 75 years. With this you will get the benefit of compounding and its effect will be visible in pension also.

The new change will allow retired people to invest in NPS for a longer period. Government employees have been expressing their displeasure regarding NPS for years. They believe that they will not get adequate pension from this pension scheme. For the pension received from NPS, both the employee and the government have to deposit money.

In this scheme, employees get pension after the age of 60 years. Let us tell you that in the old pension scheme, after 25 years of service, pension was 50% of the last salary at the time of retirement. At the same time, in NPS, the employee gets a pension of 60% of his average salary for 30 years of his service.

The amount of pension received in NPS depends on the market situation. Due to the resentment of government employees, many state governments have recently announced the restoration of the old pension scheme. The states which have implemented the old pension include Chhattisgarh, Rajasthan, Punjab, Himachal Pradesh and Jharkhand.

The central government is trying to remove the dissatisfaction of the employees regarding NPS. A committee has been formed by the government for this. It is believed that under NPS, the government can guarantee 40 to 45 percent of the final salary as pension.

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NPS can invest in different assets

NPS subscribers can invest in different asset classes under this investment, which include- Equity (E), Government Bond (G), Corporate Bond (C) and Alternate Asset Class (A).

What are the new rules?

Till now NPS subscribers did not have the facility to choose multiple fund managers. Once the subscriber chose a pension fund manager, the money invested in different asset classes of NPS was managed by that fund manager. That is, one fund manager used to manage each asset, but now subscribers can choose different fund managers for each asset class.

These conditions have to be remembered

PFRDA has also put some conditions along with the new facility. Such as-

1. To use this facility, subscribers will have to opt for active choice for asset allocation and not auto mode.
2. This facility will not be available in alternate asset classes, only in equity, government security and corporate bond assets.
3. This facility will be available only in the existing All Citizen Model (Tier-I), NPS corporate model (Tier-I) and Tier-II (All subscribers) categories. That is, government employees having Tier-1 NPS account cannot avail this facility, they will get the benefit only if they have Tier-2 account.
4. New investors joining the scheme will be able to avail the facility of choosing multiple pension fund managers only after three months of registration.

How will it be beneficial?

For example, suppose you have chosen HDFC Pension Fund as the fund manager for your NPS investment and you invest in equity and bonds, then the same fund will be managing both your funds. But now you will be able to choose a different fund manager for equities and a different fund manager for bonds. The benefit of this will be that you will be able to choose a better fund manager according to your assets.

Facility to withdraw money in installments is available

PFRDA (Pension Fund Regulatory and Development Authority) had recently issued a circular, in which it was said that the subscribers will get the systematic lump sum withdrawal facility in a phased manner. Now subscribers can choose to withdraw 60 per cent of their pension corpus monthly, quarterly, half-yearly or annually till the age of 75 years.

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There is good news for those who have invested money in the government’s popular pension scheme, National Pension Scheme (NPS). NPS regulator PFRDA can provide 100 percent fund withdrawal facility to subscribers under Systematic Lump Sum Withdrawal (SLW).

As of now the fund withdrawal limit is 60 percent. Currently, under SLW, members can withdraw 60 per cent of the maturity amount on retirement or after attaining the age of 60 years on monthly/quarterly/half yearly or yearly basis. Dr. Deepak Mohanty, Chairman of the Pension Fund Regulator (PFRDA), gave information about the preparation of major changes in the rules of the National Pension Scheme (NPS) in the recently organized NPS Chintan Shivir. If this happens then subscribers will get more convenience to withdraw money and use it as per their need.

What is SLW facility?

In SLW facility, NPS subscribers are exempted from purchasing annuity/pension plan till the age of 75 years. This means that they can keep the entire money in the NPS account only. They can withdraw the money kept in the account at regular intervals. But, they can withdraw only 60 percent of the funds.

If the new proposal of PFRDA is implemented then members will be allowed to withdraw 100 percent amount from SLW. PFRDA believes that with 100% fund withdrawal facility, subscribers will keep their money in the NPS fund for a long time. This will give them good returns and more funds will also be deposited with NPS.

SLW facility, NPS customers will have to apply once through online or offline mode. The date of start and end of this facility will also have to be mentioned. Along with this, it will also have to be told at what interval they will withdraw the amount. The remaining amount after each payment will remain invested in NPS. Returns will continue to be received on this remaining amount.

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There are preparations for major changes in the rules of the National Pension Scheme (NPS) soon. Withdrawal of funds from NPS account can be increased from 60 per cent to 100 per cent through Systematic Withdrawal Facility (SLW). Pension Fund Regulator (PFRDA) Chairman Dr. Deepak Mohanty has indicated this in the recently organized NPS Thinking Camp.

It is noteworthy that PFRDA has recently launched systematic withdrawal facility for NPS members. Under this, members can withdraw 60 percent of the maturity amount received after retirement or at the age of 60 years on monthly/quarterly/half yearly or yearly basis.

This facility is available starting from the date of retirement till the age of 75 years. Earlier this fund was allowed to be withdrawn on annual basis or in lump sum.

What will change for subscribers: NPS subscribers in SLW facility are exempted from purchasing annuity/pension plan till the age of 75 years. That means members can keep the entire money in the NPS account and withdraw it at regular intervals.

If the new proposal of PFRDA is implemented then members will be allowed to withdraw 100 percent amount from SLW. The pension regulator says that with this the money will remain under the NPS fund for a long time and the members will continue to enjoy the benefits of compound interest. They will like this option more.

Request has to be made like this: NPS subscribers will have to request once through online or offline mode to start SLW facility. Customers will have to specify the start and end date of this facility. They also have to tell how much amount they want at what interval. The remaining amount after each payment will remain invested in NPS. Returns will continue to be received on this remaining amount.

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The Pension Fund Regulatory and Development Authority (PFRDA) has made full preparations to bring these changes to the ground.

PFRDA had made it clear in the circular issued on October 27, 2023 that by making changes in Rule 3 and Rule 4, it is going to start Systematic Lump Sum Withdrawal (SLW) for withdrawal of money after the stipulated time. Under this, NPS account holders will be able to withdraw up to 60 percent of the amount deposited in the pension fund. In SLW, you will have the freedom to withdraw money on monthly, quarterly, half-yearly or yearly basis till the age of 75 years as per your convenience.

What is SLW?

If we want to understand it in simple words, then it is similar to the Systematic Withdrawal Plan (SWP) available under mutual funds. People coming under the purview of NPS will be able to withdraw money within the time interval of their choice. Under this, whatever option you choose from your 40 percent fund after reaching the age of 60, the retired employee will continue to be paid continuously till the age of 75 years.

You will be able to withdraw the remaining 60 percent of the fund together or systematically under SLW. With the help of SLW, pensioners will continue to receive money. This will ensure that they have a fixed income after retirement and will not be burdened with expenses. In this process, you will get the opportunity to choose the option once.

Who will benefit from SLW?

Those who want a fixed income even after retirement will benefit greatly from this scheme. This benefit can be availed at the time of retirement.

How does NPS work?

NPS is a program run by the Government of India, which operates under the supervision of PFRDA. NPS invests money in many places including equities, government securities and corporate bonds. In this way NPS keeps strengthening its retirement fund.

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Under the new rule, NPS subscribers can withdraw money from their investments as per their need instead of a lump sum amount. If you are an NPS subscriber, then you will be able to withdraw the maturity amount on monthly / quarterly / half yearly or yearly basis as per your need. Let us know what is the Systematic Lumpsum Withdrawal (SLW) implemented by PFRDA?

What is systematic lumpsum withdrawal?

Under Systematic Lumpsum Withdrawal (SLW), you will be able to withdraw your money on monthly / quarterly / half yearly basis as per your need till the age of 75 years. Earlier there was a facility to withdraw this money on annual basis. Under the rules of PFRDA, the investor will have to request through online or offline mode after the lump sum payment option is activated. In this, you will have to mention how you want to withdraw the money, start date, end date etc. After SLW is activated, you cannot make any investment in your NPS account.

What will be the benefit?

If you choose SLW option, you will continue to have liquidity. NPS customers will be free to choose a lump sum amount along with systematic withdrawals for around 60% of their corpus fund. Apart from this, 40% will be used to buy annuity option. SLW facility will be available on Tier-1 account. The money withdrawn through this will be completely tax free. However, no change has been made in the rules of annuity.

How to apply:

If you are an NPS subscriber, you will have to apply for SLW option in online or offline mode. Customers will have to tell when they want to start this facility and when they want to end it? Apart from this, it will also be necessary to tell them that they want money on some account. The remaining amount after every payment will remain invested in NPS. You will also continue to get returns on this money.

What is the rule now?

You can withdraw 60 percent of the total amount deposited in NPS at one go. But it is necessary to buy an annuity plan for pension with the remaining 40 percent amount. You can withdraw 60 percent of the amount now at one go or on an annual basis. For this, the subscriber is required to apply every year.

On behalf of PFRDA, NPS officials have been asked to provide information about the new facility (SLW) to investors who will soon complete 60 years of age or wish to exit the scheme. On October 27, 2023, PFRDA had issued a circular giving information about the lumpsum withdrawal option. With the introduction of this facility, you will get many benefits.

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The Pension Fund Regulatory and Development Authority (PFRDA) has made important changes in some rules related to the National Pension Scheme (NPS). Now up to 60 percent of the deposited amount can be withdrawn monthly/quarterly/half yearly or annually. Earlier it could be withdrawn annually or in lump sum. The reason behind this change is that NPS should better meet the monthly needs of people after retirement.

Who will benefit from this and how

Personal finance advisor CA Manish Garg explains it this way with an example. He told, “Suppose a person aged 60 did not have the option of pension. On retirement, his total fund became Rs 1.5 crore. In view of this, someone gave him money in the Senior Citizen Savings Scheme (up to Rs 30 lakh). Advised him to invest, from where he would get around 8% interest.

That is, he would get Rs 240,000 per year. He would get 7.4% to 7.5% interest on the balance amount of Rs 1.20 crore deposited in Post Office MIS/Bank FD etc. That is, he would have got interest of around Rs 9 lakh from here. Overall, he would have got Rs 1140000 as interest annually and it is taxable.

That means he would have to pay tax of around Rs 65500 on this in the new tax regime and the net income from interest would be around Rs 1074500. That is, he would have got only around Rs 89,541 for his monthly expenses. Moreover, even after 15 years, his principal amount i.e. Rs 1,50,00,000 would have remained the same.”

How the new rule of NPS will provide benefits: CA Manish Garg says that now suppose the same person accumulates a fund of Rs 1.50 crore through NPS by the age of 60 years. If he withdraws 60 percent of this i.e. Rs 90 lakh systematically as per the new rules till the age of 75 years, then he will get around Rs 1183000 (with 10 percent interest) for his monthly needs.

This is a completely tax free amount. This means that you will receive around Rs 1 lakh per month for 15 years. On the other hand, if 40 percent annuity continues to increase by 10 percent annually, it will become Rs 25063489 in 15 years.

Double benefit from NPS:

Garg said this is Modi government’s Diwali gift. Through NPS, after 60 years till the age of 75 years, there will be a benefit of approximately Rs 10,000 every month. Because there is no tax here. On the other hand, our deposited capital will also become around Rs 2.50 crore instead of Rs 1.5 crore.

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Pension fund regulator PFRDA has made important changes in the rules of National Pension Scheme (NPS) for government employees. Now the option of default scheme will be available in the NPS Tier-2 accounts of employees. With this, employees will be able to choose the Pension Fund Manager (PFM) and the range of returns in percentage for their investments. This will reduce investment risk in Tier-2 account and provide more profit opportunities.

The Pension Fund Regulator has recently issued a circular in this regard. According to this, the pension fund manager will invest their funds as per the options chosen by the account holders. The management of the default scheme fund has been entrusted to three pension fund managers. Other investment options like equity, corporate debt and government debt will also be available in Tier-2 account as before.

This will be the benefit: According to market experts, till now the option of default plan was available in NPS Tier-1 account. In this, the employee’s funds are managed by PFRDA on behalf of PFM. This facility was not available in Tier-2. The employee had to manage it himself, which created investment risk.

In the new system, investors who do not have much understanding of financial investments will be able to invest in Tier-2 accounts with the help of the default plan. As their understanding increases over time, they can make changes to their portfolio as per their financial goals and risk appetite.

What is NPS: NPS was started in January 2004 for government employees. In the year 2009, it was also opened to the private sector and common citizens. The responsibility of investing the amount deposited in the scheme is given to the registered pension fund managers by PFRDA. They invest the money in equities, government bonds, bonds and non-government and fixed income schemes.

Difference between Tier-1 and Tier-2 accounts

Two types of accounts can be opened under the NPS scheme. Tier-1 account is for pension, while Tier-2 account is like a voluntary savings account. Tier-2 account can be opened only if there is already a Tier-1 account. In the former account, the contribution of a government employee is on the lines of EPF. But in other accounts there is no limit. Tax exemption is available on Tier-1 account, but this exemption is not available on Tier-2 account. However, government employees can avail tax exemption in Tier-2 account subject to certain conditions.

You can withdraw money anytime: There are many restrictions on withdrawal from Tier-1 account. You can withdraw up to 25% of your contribution after 10 years of account opening for children’s education, marriage, treatment of serious illnesses and construction of first house, but there is no restriction on withdrawal in Tier-2 account. The member can withdraw the entire amount in lump sum at any time.

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Pension fund regulator PFRDA has eased rules for exit from National Pension Scheme (NPS). Under this, NPS members will be able to choose annuity¹/´pension plan and insurance company as per their need and choice at the time of withdrawal from the scheme. No extra fee will be charged from them for this.

PFRDA has recently issued a circular in this regard. The pension regulator has ordered the government, POPs and nodal officers of the National Pension System Trust to help NPS members choose pension plans according to their needs. With this, the beneficiaries will not have to face any kind of trouble further. The regulator has said that the annuity or pension plan selection should be based on the requirements and individual needs of the NPS members.

No additional charges: PFRDA has also clarified that the insurance company providing annuity or pension plan can charge only premium from NPS members and no other additional charges. NPS members are already paying taxes to the government, so they will not be charged any fees for other services.

This will be beneficial: Life insurance companies provide different annuity / pension plans based on the investment period and performance, which also have different annual interest rates and returns. Investors will be able to choose more profitable schemes for higher pension. Also, on the basis of market risk, they will be free to choose the pension plan.

What are the rules

If retired: After retirement at the age of 60 years, only 60% of the amount can be withdrawn from NPS in lump sum. It is tax free. The remaining 40 percent amount has to be invested in an annuity/pension plan, from which pension is received. These plans are provided by life insurance companies. However, if the total annuity corpus after retirement is less than or equal to five lakh rupees, the member can withdraw the entire amount.

In case of premature withdrawal

If an NPS member wants premature withdrawal before the age of 60 years, then he has to invest 80% of the total corpus in buying an annuity/pension plan. Only 20 percent of the amount can be withdrawn in lump sum. There is no compulsion to buy an annuity plan if the corpus at the time of premature withdrawal is equal to or less than Rs 2.5 lakh. Members can withdraw the full amount.

What is annuity / pension plan

After retirement, pension/annuity plans have to be bought from life insurance companies, which give pension to the customers on a monthly, quarterly, half-yearly or yearly basis, depending on their investment amount. The rate of interest is fixed, which is fixed at the time of investment.

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The Pension Fund Regulatory and Development Authority (PFRDA) has issued a notification on 27 July 2023 to ease the rules for exiting the NPS i.e. National Pension Scheme. This will benefit crores of subscribers of NPS. It has been told in the issued notification that now NPS subscribers can choose any annual scheme by exiting the pension fund. The great thing is that no fee will be charged from the subscribers for this.

If someone wants to leave this pension scheme and exit, then he can easily do so. PFRDA has further simplified the rules to facilitate the people. PFRDA has ordered the nodal officers of Government, POP and National Pension System Trust to help NPS subscribers choose the scheme according to their needs so that they do not face any kind of trouble further.

No fee will be charged

PFRDA has said that customers can choose any kind of annual service and for that they will not have to pay any charge. The regulator has said that the subscribers are already paying tax to the government, so no additional charge will be taken from them. Insurance companies have been instructed that they can only take the premium amount from the subscriber. Apart from this, they should not be pressurized for any other kind of fee.

Rules for exit from NPS

According to the rules of PFRDA, if the amount deposited by the subscriber in NPS and interest in total is less than Rs 5 lakh, then he can withdraw the entire amount at once. If this is exceeded, 40 percent of the amount will be kept for pension and 60 percent of the amount can be withdrawn together. 40% of the amount is used to buy a pension plan. If the subscriber wants to buy a pension plan before the age of 60 years, then he will have to use at least 80 percent of the corpus.

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The Pension Fund Regulatory and Development Authority (PFRDA) has given great relief to crores of subscribers of the National Pension System. PFRDA has issued a notification on July 27, 2023, issuing a clarification on the rules for exiting the pension scheme. According to this notification, NPS subscribers can now select any annuity plan as soon as they exit the pension fund. This choice will be according to the need of the subscriber. In such a situation, they will not be charged any kind of fee for this work.

Rules for exiting pension have been simplified

PFRDA has tried to make it easier for the beneficiaries of the National Pension System to exit the scheme. If a subscriber wants to exit this scheme after retirement, he can easily take an exit from it. In order to give maximum information about the exit rules of NPS, PFRDA has ordered the nodal officers of Government, POPs and National Pension System Trust to help NPS customers choose the scheme according to their needs. With this, the beneficiaries will not have to face any kind of problem in future.

Will not have to pay the charge

Apart from simplifying the exit rules of NPS, PFRDA has also informed that the subscribers will not have to pay any additional charges for opting for any type of annuity service. Along with this, PFRDA has also made it clear that Bina Company can only charge premium from NPS subscribers as NPS subscribers already deposit the fee as tax to the government. In such a situation, there should be no pressure on them to charge any kind of fee for other services. Along with this, it will be the responsibility of the Compliance Officer to complete all the tasks related to the Annuity Service Provider. Significantly, PFRDA is trying to make the subscribers more empowered by providing maximum facilities to the subscribers.

What is the exit rule from NPS?

As per PFRDA rules, NPS subscribers can use 40% of their entire corpus to buy annuity at the time of maturity. On the other hand, the remaining 60 percent can be withdrawn in one go, but if this corpus is less than Rs 5 lakh, then you can withdraw the entire amount at the time of maturity. On the other hand, if you want to buy a pension plan before 60 years, then you are required to use at least 80% of the NPS corpus.

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There is big news for pensioners. If you are also taking advantage of NPS, then now it has been decided by the government to change its rules. National Pension System is a kind of investment plan. Under this scheme, the account holders get the benefit of lump sum amount and pension every month after retirement.

PFRDA gave information

Let us tell you that there is no provision for withdrawal before retirement in NPS, but you can withdraw money under certain rules. Information about this has been given by PFRDA. PFRDA has changed some new rules regarding partial withdrawal from NPS this year.
Nodal officer will have to apply
After January 1, 2023, for partial withdrawal, you will have to apply to the concerned nodal officer. Apart from this, you can apply online also. Only NPS account holders, Central, State and Central Autonomous Bodies are getting the benefit of this facility.

What did the chairman of PFRDA say?

Giving information, PFRDA Chairman Deepak Mohanty has told that many people have requested why we cannot continue with the fund. Why should I take annuity when my money is giving me good returns? I would like to withdraw my money on monthly or quarterly basis. Right now we cannot provide such an option. In such a situation, we are considering such a product.

At present, National Pension Scheme (NPS) members withdraw up to 60 per cent of the retirement corpus as a lump sum after the age of 60, while the remaining 40 per cent of the corpus is compulsorily ‘annuity’ (fixed amount paid every year) goes in. Whereas a systematic withdrawal plan will allow NPS members to opt for periodic withdrawals till the age of 75 years. Subscribers can opt for monthly, quarterly, half-yearly and yearly withdrawals.

Withdrawal process will be completed in just 2 days

According to the circular issued by PFRDA, the time limit for withdrawal from NPS has been reduced from T4 to T2. That is, now instead of 4 days, the process of withdrawal will be completed in just 2 days.

What is the specialty of this scheme-

>> If you go to withdraw money from NPS account, then you can withdraw only three times.
>> Let us tell you that you can withdraw only 25 percent of the total contribution.
>> Partial withdrawal can be made from National Pension System for higher education of children, marriage of children, purchase and construction of flat, serious illness.

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Pension Fund Regulator (PFRDA) is bringing the facility of systematic withdrawal with the aim of providing relief to the members of the National Pension Scheme. Through this, instead of lump sum, you will be able to withdraw the amount in the NPS account on a monthly or quarterly, half-yearly or yearly basis. The pension fund regulator has said that it is going to implement this system by September.

Pension fund regulator PFRDA has prepared to implement a systematic withdrawal plan for withdrawal of funds from NPS account. Through this plan, on completion of 60 years, pension account holders will be given the option of withdrawing a lump sum amount as per their choice, as well as the option of receiving the amount in a monthly or half-yearly systematic manner.

PFRDA chairman Deepak Mohanty said the systematic evacuation plan is almost in its final stages. It is expected that by the end of the next quarter i.e. September, we will be able to bring such a plan. He said that this facility will be available for both Tier-I and Tier-II account holders.

Current rule of withdrawal from NPS account

According to the current rule, when the NPS account holder turns 60, he can withdraw only 60 percent of the total amount in the retirement fund as a lump sum. The remaining 40% of the amount in the fund is compulsorily used to buy annuity.

Application has to be made for periodic withdrawal

NPS account holders also have the option of deferring lump sum withdrawal till the age of 75 years. By doing so he can make phased withdrawals annually through periodic withdrawal option instead of lump sum withdrawal. Under this, the NPS subscriber can make partial withdrawals on an annual basis, but to do so, he has to apply every year.

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According to this plan of PFRDA, instead of the existing system of one-time withdrawal, permission will be given to withdraw 60 percent of the deposit amount in a systematic manner. PFRDA wants to improve the system of withdrawal of money for more and more people under this scheme.

40% amount for investment in annuity

As per the proposal, NPS subscribers will be allowed to systematically withdraw 60 per cent of their corpus after retirement till the age of 75 years, while 40 per cent will have to be invested in annuity, instead of the current system of lump sum withdrawal.

The rule will apply to these people

PFRDA Chairperson Deepak Mohanty said that we are planning to start Systematic Withdrawal Scheme from the second half of this year. Any number of times the amount can be decided by the customer and can be withdrawn in lump sum or on monthly, quarterly, half-yearly or yearly basis. This applies to people in the age group of 60 to 75. He said that the new facility could be launched during the last quarter of the calendar year.

How many people have joined NPS so far During the current financial year, 1.3 million new subscribers of NPS are expected to be added from the non-government sector, more than 1 million users in the previous financial year. Last year NPS had 12 million subscribers and this year it is expected to reach 13 million. At the same time, 54 million people have joined under the Atal Pension Yojana.

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He said that something will come soon about this. He told that the number of subscribers of Atal Pension Yojana ( APY ) has reached around 5.3 crore. A target of 1.3 crore has been kept for enrollment this year. Last year the enrollment was 1.2 crore. PFRDA is the regulator of the New Pension Scheme ( NPS ). NPS was launched by the government on January 1, 2004. This new scheme of pension is available to all including government and non-govt.

Working on minimum assured return

Mohanty said that the work on minimum assured return is going on. He said, “We have to balance the risk and the return… If someone gives assurance, then he has to pay the cost. For the assured return, the pension fund will have to arrange more capital, because it will increase the risk. We offer such products. We are considering it. We have also made some progress in this direction. We will bring this product and also we have to see that its returns should be attractive.

The return of Atal Pension Scheme is 9 percent.

Atal Pension Yojana has generated 9% return. The government has assured to arrange the funding gap of this scheme. Regarding the committee constituted under the leadership of the Finance Secretary to review the pension system of government employees, he said that it is too early to say anything about it. Mohanty is a member of this committee. This committee will recommend measures to improve pension related benefits of government employees under NPS.

The committee is reviewing the pension scheme

This committee was set up after the demand of the employees to implement the old pension scheme again in place of the new pension scheme (NPS) in many states. Some non-BJP ruled states have announced the re-implementation of the DA-linked old pension scheme. After this, its demand has increased in some other states as well. However, before taking any decision in this regard, the government will have to consider its impact on the budget.

No provision to return NPS Corpus

On the demand of the states to return the NPS corpus, Mohanty said that there is no provision in the law to return the pension amount, as this money belongs to the contributors. The central government had said in March that there is no provision in the PFRDA Act for refund of NPS corpus. Actually this demand has been made on behalf of five non-BJP ruled states. He has said that since he wants to re-implement the old system of pension, then this money should be returned to him.

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Pension Fund Regulatory and Development Authority (PFRDA) chairman Deepak Mohanty said that National Pension System (NPS) subscribers are expected to get the option of Systematic Lumpsum Withdrawal (SLW) by the end of this quarter. Systematic lumpsum withdrawal feature will allow NPS subscribers to opt for periodic withdrawals on monthly, quarterly, half-yearly or yearly basis till the age of 75 years.

Current rules for NPS withdrawal

At present, an NPS subscriber can withdraw up to 60 per cent of the retirement corpus as a lump sum when he turns 60. The remaining 40 percent of the corpus essentially goes into buying an annuity. NPS subscribers also have the option to defer the lump sum withdrawal till the age of 75 years.

NPS investors also get the option of phased withdrawals annually while postponing the lump sum withdrawal. Under this, the NPS subscriber can make partial withdrawals on an annual basis, but he has to submit an application every year.

NPS subscribers can opt for period pension

Pension fund regulator is now going to give NPS subscribers the option of withdrawal on monthly, quarterly, half-yearly or yearly basis till the age of 75 years instead of not allowing NPS subscribers to withdraw 60 per cent of the corpus Is. Despite this withdrawal option, the remaining NPS corpus will continue to be invested and returns will continue to accrue till the corpus is fully withdrawn.

Systematic withdrawal facility for Tier-I and Tier-II accounts also

Deepak Mohanty, chairman of the Pension Fund Regulatory, told that when NPS subscribers retire at the age of 60, they can take 60 percent in one go. Apart from this, he can choose the Systematic Lumpsum Withdrawal option for the next 15 years. On choosing the Systematic option, the NPS subscriber will continue to receive monthly, quarterly or half-yearly amounts till the age of 75 years. He said that this facility will be provided for both Tier-I and Tier-II accounts. For Tier II accounts, the Systematic Lump Sum Withdrawal option can be initiated before the subscriber turns 60 years old.

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Pension Fund Regulatory and Development Authority (PFRDA) chairman Deepak Mohanty said on Wednesday that the regulator is working on a pension scheme offering minimum assured returns and an announcement will be made soon.

Atal Pension Yojana has 5.3 crore subscribers

Along with this, Mohanty said that there are about 5.3 crore subscribers of Atal Pension Yojana. The target of APY enrollment for this year is 1.3 crore, while in 2022 there were 1.2 crore enrollments.

The government gives assurance, they have said that a lot of work is being done. There we have to strike a balance between risk and return. Somebody gives assurance and it has a price. Like in APY..the government gives the assurance and the customer pays the price. He said that in case of assured returns, the pension fund will have to provide more capital as it carries more risk.

The government is considering.

They have said that we are considering this possibility. We have also made some progress. We will come up with such a product and also see that the returns should be attractive. With regard to Atal Pension Yojana, he said that the target of PFRDA is to increase the customers under the scheme and the Regional Rural Bank is making good progress in this regard.

Pension system reviewed

When asked about the progress of the committee constituted under the chairmanship of the Finance Secretary to review the pension system for government employees, Mohanty said it was too early to speak on it. Mohanty is a member of this committee.

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There is good news for the government employees and pensioners of Himachal Pradesh. The old pension scheme has come into force in the state from April 1, 2023, and a final decision can be taken on the issue of SOP on Wednesday. Its benefit will be given to 1.36 lakh employees-pensioners of the state. It is believed that after the municipal elections, the final notification regarding the restoration of old pension will be issued.

Actually, today on Wednesday, a cabinet meeting has been called under the chairmanship of CM Sukhwinder Singh Sukhu. It is expected that in this meeting, the SOP to be issued regarding the restoration of the Old Pension Scheme (OPS) may be approved.

There can also be a discussion on making a policy to fill the posts of teachers. Apart from this, many other agendas including filling of vacancies in various departments, water cess can also be approved in the meeting. Many budget announcements can also be approved in the cabinet meeting.

NPS deduction stopped, increased salary reached in the accounts of employees

After the implementation of OPS in the state from April, the deduction on the share of NPS has also been stopped. This time, the share of NPS has not been deducted from the salary of any government employee for the month of April, but the employees have started getting increased salary, that is, the share of NPS of any employee is deposited in PFRDA, an agency of the Government of India. Not sent to.

Since till now the NPS share was being deducted from the salary of the employees after the year 2003 in the state, 10% salary was being deducted from their salary every month and the state government was also contributing 14% of its share. In this way, 24 percent of the total contribution was being deposited with the PFRDA of the Central Government.

GPF account opening process will start soon

After the closure of NPS share deduction, now the process of opening GPF accounts of the employees is likely to start soon. The notification of SOP is also likely to be issued after the cabinet meeting to be held today.

It is estimated that the SOP for restoration of old pension will be issued in May and options will be asked from the employees to choose one of the two pensions. The decision will benefit both serving and retired employees and employees with 20 years or more service will get 50 per cent of basic pay plus DA as pension.

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PFRDA, a regulatory body for the overall supervision and regulation of pensions in India, said, “In the interest of the subscribers and to benefit them with timely payment of annuity income, the uploading of documents shall be mandatory from April 1, 2023.”

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What are the new changes for NPS subscribers?

PFRDA has asked NPS subscribers to upload these documents. For parallel processing of withdrawal and annuity, certain withdrawal and KYC documents need to be uploaded. The list of those documents are:

• NPS Withdrawal / Exit Form
• Proof of identity and address as mentioned in the withdrawal form
• proof of your bank account
• Copy of Permanent Retirement Account Number (PRAN) Card

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If your monthly contribution is Rs 3,000 and you are 34 years old, you still have 26 years to make pension account payments. Considering an estimated 10% annual ROI or rate of interest. With a total principal investment of Rs 9.36 lakh in NPS, you will get Rs 44.35 lakh on maturity as per NPS calculation.

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In view of the demand of the employees, the old pension has been restored by some Congress ruled states. Last days, from April 1, a notification was issued to restore the old pension for the employees of the Himachal Pradesh government. Now the new salary of the state government employees has come in the account of the employees in May.

Employees got increased salary

The share of the New Pension Scheme (NPS) has not been deducted from the April salary given by the Himachal government in May. On the 1st of May, the employees got the increased salary. Till now, 10 percent of the salary was deducted from the salary of the employees towards NPS. Apart from this, 14 percent share is done in this item by the government. But the government has not deducted 10 percent money from the salary of the employees from the April salary and they have received it as salary.

Money was not sent to PFRDA for deposit, action was taken on behalf of the Himachal government as per the pre-determined system. That is, from April 1, 2023, the NPS share of any employee was not sent to the central government agency PFRDA for deposit. However, such employees who have not completed 10 years of service will not get the benefit of Old Pension Scheme (OPS). The situation regarding such employees is not yet clear. The money of NPS of these employees has also not been deducted from their salary.

NPS share was not deducted

In such a situation, the question is arising that when NPS share is not deducted from the share of the employees, then what will happen to their future? Depositing money in GPF for OPS has also not started. Let us tell you that before the Government of Himachal Pradesh, the old pension has been restored by the Government of Chhattisgarh, Rajasthan, Punjab and Jharkhand. Some BJP-ruled states are also considering implementing the old pension in view of the elections.

What is the old pension scheme?

In this scheme, at the time of retirement, half of the salary is given to the employee as pension. The provision of General Provident Fund (GPF) has been given under the old pension scheme. In this scheme, the employee has the facility of getting gratuity of up to Rs 20 lakh. DA is increased after every six months. Under this scheme, the amount of pension is paid from the treasury of the government. On the death of a retired employee, his family members get the amount of pension as per rules. In this scheme, no amount is deducted from the salary of the employee.

What is New Pension Scheme?

The new pension scheme deducts 10 percent of the basic salary and DA. The National Pension Scheme (NPS) is completely based on the movement of the stock market. In this, to get pension after 60 years, 40 percent of the NPS fund has to be invested. That is, you get pension out of 60 percent money. There is no guarantee of pension after retirement in this scheme. Nor is there any facility for the relatives. There is no provision for increasing DA in this.

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The rules for withdrawal of pension have been changed. The Pension Fund Regulatory and Development Authority (PFRDA) has issued new rules, which are effective from the first date of the new financial year i.e. 1 April 2023. It has now been made mandatory for National Pension System i.e. NPS subscribers to upload some important documents for withdrawal of pension money. Uploading of these documents will ensure timely payment of Annuity Income Payments.

It is necessary to upload this document

According to the circular issued by PFRDA, the authority has made it necessary to upload Withdrawal and KYC documents for the exit and annuity process. Under this, in addition to the NPS Withdrawal / Exit Form, the subscribers will also have to upload the identity card and address proof. Both these documents must be exactly the same as mentioned in the withdrawal form. Apart from this, it has also been made necessary to upload proof of bank account and copy of Permanent Retirement Account Number (PRAN Card).

Please tell here that withdrawal from the pension scheme can be done before or after the retirement age of 60 years to exit the National Pension System (NPS). By doing this, you will have to use 40% of the accumulated amount to buy annuity from the Annuity Service Provider (ASP). Apart from this, if the remaining amount is less than 5 lakh rupees, the amount can be withdrawn simultaneously.

NPS Withdrawal Process after new rules

According to the rules set by the Pension Fund Regulatory and Development Authority (PFRDA), you will have to login to the CRA system to initiate the online exit request first in the NPS withdrawal process. After the request is started, you will start seeing information about E-Sign/OTP Authentication, Nodal Office/POP Authority. After this process starts from the NPS account, the bank details, address, and other information are automatically filled in the withdrawal form.

Further process In this way

now you have the option to choose the percentage of fund allocation for annuity and withdrawable corpus, annuity details in the next step. Using Penny Drop Verification, your bank account is verified online. You will need to upload KYC documents (identity and address proof), PRAN card/E-PRAN copy and bank documents while submitting the exit application.

Meanwhile, keep in mind that all these documents should be well scanned and readable. After this, in the last step, you can complete the process by selecting the OTP Authentication or e-Sign option. In the first option OTP will be sent to your registered phone number and e-mail ID and in the second you can e-sign the request using your Aadhaar card.

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The Pension Fund Regulator says that uploading these documents will ensure timely annual income payment. Therefore, customers investing in NPS scheme will have to upload some important documents.

As per the PFRDA circular, the same process of exit and annuity requires uploading of certain withdrawal and KYC documents. The documents that you need to upload mainly include these documents.

These documents have to be uploaded

Withdrawal / Exit Form from NPS
Proof of identity and address as mentioned in the withdrawal form.
proof of your bank account
Photocopy of PRAN Card

Explain that whether you have opted for Government NPS scheme or Corporate NPS scheme, you have to follow these steps to exit NPS.

1. You need to login to the CRA system to initiate an online exit request.
2. Once you start the application, you will see relevant information regarding e-Sign/OTP authentication, Nodal Office/POP authority etc.
3. Details like your bank details, address, nominee details etc. are automatically populated in the NPS withdrawal form after you initiate the request from the NPS account.
4. You can choose the fund allocation percentage for annuity and withdrawable corpus, annuity details etc.
5. Your bank account will be verified online using Penny Drop Verification.
6. You need to upload KYC documents (identity and address proof), PRAN card/ePRAN copy and bank proof while submitting the NPS exit request.
7. All scanned documents should be readable.
8. You can authorize the request using either of the two options.
9. Various OTPs will be sent to your phone number and email ID for OTP verification.
10. By e-signing you can e-sign the request using your Aadhaar card.

Explain that to exit the National Pension System (NPS), you can withdraw from the pension scheme before or after reaching the retirement age of 60 years. On exit, you should use 40% of the accumulated amount to buy an annuity from the annuity service provider. If the remaining amount is less than Rs.5 lakh, it can be withdrawn as a lump sum amount.

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These complaints could be issues such as delay in remittance of pension share to National Pension Scheme (NPS) accounts, even though the same has been deducted from the subscriber’s salary. Grievances should first be registered in the Centralized Grievance Management System (CGMS). If no solution is found, then complaints can be referred to the Ombudsman.

Pensioners can file an appeal to the Ombudsman in the following circumstances –

PFRDA manages NPS

PFRDA manages the National Pension System (NPS). Any Indian citizen or Overseas Citizen of India in the age group of 65 to 70 years can join NPS and invest till the age of 75 years.

What is National Pension Scheme?

NPS was launched in January 2004 for government employees. In 2009 it was opened for all categories of people. One can make regular contributions to the pension account during his/her working life.

He can also withdraw a part of the accumulated amount in one go and use the remaining amount to get regular income after retirement. The NPS account grows with the investment of the person and the returns received on it. Central government, state government, private sector employees and common citizens can also invest in this scheme.

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Failure to do so may result in blocking of NPS transactions. The authority said that NPS account holders should note that their NPS account is KYC compliant. According to the Pension Fund Regulatory and Development Authority (PFRDA) NPS subscribers should ensure that their PAN and Aadhaar numbers are linked before March 31, 2023 to ensure seamless ongoing transactions and avoid penalties .

PFRDA has said that since PAN is a key identification number for the account holder and is part of the KYC requirements for NPS accounts. Hence there is a need to ensure valid KYC for all customers.

According to the circular of the Central Board of Direct Taxes (CBDT), if the PAN given to a person is not linked to Aadhaar by March 31, 2023, it will become inactive. If this happens, penalty and fine will be applicable under the Income Tax Act 1961. Every person who has been assigned a Permanent Account Number (PAN) as per the provisions of the Income Tax Act, 1961. He needs to inform the concerned authorities of his Aadhaar number so that Aadhaar and PAN can be linked. This should be completed on or before the notification date, otherwise the PAN will become inoperative.

How can existing subscriber update Aadhaar number in NPS account?

1. First of all login to your NPS account through https://cra-nsdl.com/CRA/.
2. After this, click on the sub-menu ‘Update Aadhaar / Address Details’.
3. Now click on ‘Update Details’ under the new menu that opens.
4. After that select the option ‘Add/Update Aadhaar Number’.
5. Now enter your Aadhaar number and click on ‘Generate OTP’.
6. Account holder should enter the OTP received from UIDAI on his registered mobile number.
7. After authentication through OTP, Aadhaar will be linked to your PRAN.
8. NPS account holders may note that the name entered for your PRAN should exactly match the registered name.
9. Thereafter, you will get the message that Aadhaar seeding request is successful for your Permanent Retirement Account Number (PRAN).

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Prior to this, the merger has received necessary approvals from the Central Reserve Bank (RBI), Securities and Exchange Board of India (SEBI), shareholders of HDFC and HDFC Bank, Pension Fund Regulatory and Development Authority (PFRDA) and Competition Commission of India. Apart from this, No Objection Certificate (NOC) has also been received from both the stock exchanges.

$ 40 billion deal: Let us tell you that the HDFC-HDFC Bank merger was announced on April 4, 2022.This is one of the few mega mergers in the corporate history of India. With this acquisition deal of about $ 40 billion, a large company in the financial services sector will come into existence. The combined asset base of the proposed entity will be around Rs 18 lakh crore.

Upon completion of the deal, 100 percent of HDFC Bank will be held by public shareholders, while existing shareholders of HDFC will hold 41 percent of the bank. This is the second such merger in the banking sector. Earlier in October 2001, ICICI Limited had done a similar merger with its banking arm ICICI Bank.

What’s up with the stock: HDFC Bank’s share price is at ₹1572 on the last trading day of the week. The share price has increased by 1.36% compared to a day ago. Similarly, the stock of HDFC also gained momentum and it rose by 1.14% to the level of Rs 2561.

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In response to this question in the Lok Sabha, Union Minister of State for Finance Bhagwat Karad said that with the increase in the amount in pension, the amount of pension i.e. installment will also increase. The increase in the subscription money of Atal Pension Yojana will put a burden on the subscribers. This is the reason why the government led by PM Narendra Modi has decided not to increase the Atal Pension Yojana pension money.

Government replied

According to Union Minister of State Bhagwat Karad, Atal Pension Yojana is a minimum guaranteed pension scheme and any increase in the pension amount will also increase the amount paid by its members, which is likely to further burden the subscribers. Hence the Government has decided to continue the scheme with the same terms and conditions and not to carry forward the pension and subscription amount.

Benefits of Atal Pension Yojana

Earlier, PFRDA Chairman Hemant Ji Contractor had sent a proposal to increase the pension for the purpose of increasing the subscriber base of Atal Pension Yojana. At present, the government gives 5 pension slabs ranging from Rs 1,000 to Rs 5,000 to the people who invest money in Atal Pension. PFRDA got response from the market in which most of the subscribers demanded increase in pension. Most everyone said that Rs 5,000 at the age of 60 is not enough in times of inflation.

This much pension is guaranteed

A person who enrolls and invests money in the Atal Pension Yojana gets a guaranteed maximum pension of Rs 5,000 per month till death after the age of 60 years. One can change the amount of pension once in a financial year. If the subscriber dies before the age of 60 years, the spouse can continue to make payments to the subscriber’s Atal Pension Yojana account. For those who are below 60 years of age, early exit is allowed under Atal Pension Yojana.

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Now the Union Minister of State in the Ministry of Finance Dr. Bhagalat Karad has clarified the government’s stand on this matter. He said that at present the maximum amount is Rs 5,000 for which the account holder has to pay a premium of Rs 42 to 1454. If the maximum amount of pension is increased, then the premium will also increase.

He said that this would put additional burden on the subscriber and hence the government decided that the maximum pension limit under the Atal Pension Yojana would not be increased. At present, monthly pension of Rs 1,000, 2,000, 3,000, 4,000 and 5,000 is available under the Atal Pension Yojana. The amount to be charged for the premium depends on the age of the subscriber at the time of joining the scheme and the amount of pension he wants.

Karad’s statement

Dr. Karad said, “The recommendation of the Pension Fund Regulatory and Development Authority (PFRDA) to increase the pension amount under the Atal Pension Yojana was considered. APY ensures a minimum guaranteed pension and any increase in the amount of pension means an increase in the subscription amount which will be borne by the account holder. Therefore, it was decided to run the scheme with the existing terms and conditions and not to increase the pension or subscription amount further.

What is Atal Pension Yojana

PFRDA only operates the Atal Pension Yojana. Any Indian in the age group of 18-40 years can invest in this. In this, money has to be put till the age of 60 years and after that you get a fixed pension every month. You have already decided this pension at the time of starting investment in the scheme and you have contributed accordingly. If an account holder dies before the age of 60 years, then the deposited amount is returned to his nominee. On the other hand, if the spouse of the deceased is alive, then he can continue this scheme.

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It will be mandatory to give some documents under this rule. If the subscribers do not upload these documents then they will not be able to withdraw money from NPS. In the circular issued on February 22, it has been said that it will be mandatory to give KYC documents to the subscribers. PFRDA has asked the nodal officers and subscribers to ensure mandatory uploading of these documents. If any kind of mistake is found in these documents, then the money of NPS can be stopped.

What documents will be required 

Before withdrawing, you must ensure that you have uploaded the NPS withdrawal form or not. The information in the withdrawal form should be filled according to the identity card and address proof. There should also be a copy of bank account proof, PRAN or Permanent Retirement Account Number card. If any of these documents is not uploaded then money cannot be withdrawn from NPS.

Upload documents like this 

• Login to upload documents on CRA system.
• Can send request for login based on e-sign, OTP authentication.
• Information like address, bank details, nominee details will be auto uploaded during the request.
• Now the subscriber has to select lump sum annuity amount and details.
• After this your bank account will have to be verified.
• Also request for uploading of KYC documents as proof of identity and address, PRAN card and bank proof.
• Must have scanned document and scanned photograph.
• Subscriber can complete the process using OTP authentication and e-sign with the help of Aadhaar.

What is the rule for withdrawing money from NPS? 

Currently, NPS subscribers can withdraw up to 60 per cent of the total corpus in a lump sum. Whereas 40 percent of the corpus can be utilised. Suppose if your total NPS corpus is Rs 5 lakh, then after completion of maturity, the subscriber will be able to withdraw 60% of this amount. On the other hand, if you withdraw before maturity, you will need to buy annuity from 80 percent of the corpus.

The post NPS Withdrawal Rule Change: The rules for withdrawing money from NPS will change from April 1 first appeared on Rightsofemployees.com.

The pension regulator has said that the new rules will be effective from April 1, 2023, to benefit customers with timely payment of annuity income.

What changes for NPS subscribers

Pension regulator has issued circular issued on 22 February 2023. The pension regulator has asked the subscribers and the concerned nodal officers/corporates to ensure that the documents are uploaded on the respective Central Record Keeping Agency (CRA) user interface. The documents which are mandatory to be uploaded include-

• NPS Exit / Withdrawal Form
• Proof of identity and address in the exit form
• bank account certificate
• Permanent Retirement Account Number (PRAN) Card

Pension regulator changed exit form rule last year

To ease NPS withdrawal process for subscribers, pension regulator last year said that NPS subscribers need not fill a separate proposal form for opting for annuity after exiting the pension corpus Is. The pension regulator said that the exit form submitted by NPS subscribers will be treated as annuity proposal form.

NPS exit rule

Presently an NPS subscriber should use at least 40 per cent of the total accumulated corpus at the time of maturity to buy an annuity plan. The remaining 60 percent of the NPS corpus can be withdrawn as a lump sum. If the total corpus is less than or equal to Rs.5 lakh, the customer will have the option of complete lump sum withdrawal on maturity. For premature exit before the age of 60 years, the NPS subscriber needs to utilize 80 percent of the total NPS corpus.

The post NPS Exit Rule Change: Big news! Changes in rules for NPS exit, uploading these documents mandatory first appeared on Rightsofemployees.com.

The Pension Fund Regulatory and Development Authority (PFRDA) said in a statement on Monday that the Atal Pension Yojana has performed very well in the year 2022. Because the people of the country are liking this scheme a lot. During this, 1.25 crore new registrations were done, whereas in the year 2021 only 92 lakh new registrations were done.

92 lakh new registrations in the year 2021

During the year 2022, there were 1.25 crore new registrations related to the scheme, whereas in the year 2021 only 92 lakh new registrations were done. Pension Fund said that so far 29 banks have crossed the target specified by the Central Government.

Among public sector banks, Bank of India, State Bank of India (SBI) and Indian Bank have achieved their set annual targets, while 21 banks have achieved their targets in the Regional Rural Banks (RRB) category. The proportion of female registrations has increased in RRBs, maximum registrations have been done in Jharkhand State Gramin Bank, Vidarbha Konkan Gramin Bank and Baroda UP Bank.

According to the statement, PFRDA has taken several steps for maximum dissemination of this scheme in line with the dissemination campaign announced in the Independence Day speech of Prime Minister Narendra Modi in 2021. With this campaign, the proportion of female registrations increased from 38 percent in 2021 to 45 percent. According to the current rule, if you are an Indian citizen and your age is between 18-40 years and you have a savings account in a bank or post office, then you can apply for APY.

Let us tell you that after investing in the Atal Pension Yojana (APY), there is a provision to get a pension of up to Rs 5,000 every month after the age limit. Under the new change, people filing ITR in this scheme cannot open an account. This scheme was started especially for the employees of the unorganized sector.

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The Pension Fund Regulatory and Development Authority (PFRDA) regulates the NPS. In such a situation, PFRDA makes all the rules related to it. It is worth noting that PFRDA always advises NPS subscribers to add Nominee, but many times people do not add nominee and they die. In such a situation, it is a common question that if a NPS subscriber has not added a nominee and has died, can the name of the nominee be changed after the subscriber’s death? Let’s know about this-

Can the nominee be changed after death?

On this matter, PFRDA has issued a circular on October 22 informing that only the subscriber has the right to choose the nominee. If any person tries to change the nominee details after the death of an NPS account holder by logging into the account using his/her details, then all the changes made in such a situation will be invalid. Along with this, the process of claim will be started according to the details given by the subscribers. In such a situation, the changes made in the NPS account are valid only when the person is alive.

How to claim if there is no nominee

If an NPS subscriber dies without adding a nominee, then in such a situation only his legal heir can get the claim. For this, the people of his family will have to show the Succession Certificate. This certificate will have to be submitted to the Revenue Department. After this the department will complete the verification process. After this, the entire money deposited in NPS will be given to the legal heir.  

This document is required for NPS claim-

• Death Certificate of NPS Subscriber
• Aadhaar Card of NPS Subscriber
• Aadhaar Card of Nominee or Successor
• succession certificate

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The new rules issued by the government will come into effect from January 1, 2023. Let us tell you in which rules it has been decided to change.

PFRDA had earlier relaxed the rules, from January 1, 2023, government employees will have to request for partial withdrawal from the fund only through their respective nodal offices. The Pension Fund Regulatory and Development Authority (PFRDA) had relaxed the rules during the Corona epidemic, under which automatic declaration under NPS was allowed.

Changes in the rules when the conditions became normal

According to the government information, keeping in mind the facilities of the people during the Corona epidemic, the rules were relaxed, but now that the situation is becoming normal, it has been decided that the government sector It will be necessary for the shareholders to send their requests through the concerned nodal offices.

Opposition to new pension

Let us tell you that at present there is a lot of protest going on in the country regarding the new pension system. Employees of the states are demanding restoration of old pension. Central employees of many states themselves believe that their future is not secure in this scheme. In the year 2004, the Central Government abolished the old pension scheme and started the National Pension System instead.

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These online applications sent by the subscribers were directly processed through the CRA system followed by instant bank account verification through penny drop. During the Corona Pandemic (Covid 19) during the lockdown in different parts of the country, the customers were greatly benefited from this facility.

But now after the easing of the Corona epidemic, PFRDA has issued a new order regarding this, according to which customers of all government sector customers (Centre, State and Central Autonomous Body) can now submit their application for partial withdrawal (NPS Partial Withdrawal). Will have to be submitted only after the nodal officer.

In a circular dated December 23, 2022, PFRDA said, “After abolishing the rules related to the corona pandemic and with the relaxation of the lockdown rules, it has been decided that all public sector customers (Central, State and Central Autonomous body) will have to submit a request for partial withdrawal from NPS to their respective nodal office.”

What are the partial withdrawal rules in NPS?

• Invest in NPS for at least 3 years
• 25% Withdrawals from the Subscriber’s Total Contribution
• Withdrawals possible a total of 3 times during the subscription period
• Partial withdrawal is possible for some important reasons

For what things partial withdrawal from NPS can be done (NPS Withdrawal Rule)

• for higher education of children
• for marriage of children
• home buying and renovation
• for the treatment of critical illness

Get the benefit of additional tax exemption on NPS

Investing in NPS gives the benefit of extra tax exemption of Rs 50,000 (NPS Benefits) under National Pension System 80CCD (1B). You can withdraw up to 60% of the corpus deposited on maturity. The remaining amount is kept for pension or annuity. This National Pension System Trust is supported by the Government of India and operated by the Pension Fund Regulator i.e. PFRDA under the Government of India, so it is absolutely safe to invest in it.

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The Pension Regulatory and Development Authority (PFRDA) has said in its proposal that private sector employees will also be given income tax exemption on contribution up to 24 per cent in NPS like government employees. At present, only government employees are given tax exemption of 24 percent.

According to media report, FRDA has said in its proposal sent to the Finance Ministry that corporate sector employees and professionals will also be given the benefit of tax rebate on the entire 24% amount on contribution to NPS. Presently such employees are given tax exemption only on contribution up to 20 per cent. Actually, under NPS, 10 per cent amount is deducted from the basic and DA of the employee, while the employer contributes 14 per cent to it.

From the financial year 2019-20, tax exemption is available on the entire 24 percent contribution made to the NPS account of central employees. In this, 10 percent of the employee and 14 percent of the employer remain. After this, from April 1, 2022, the scope of this income tax exemption was also extended to the employees of all the states. But, for private sector employees, this limit was limited to 20 per cent, which includes 10 per cent employee and 10 per cent employer’s contribution. Similarly, the scope of tax exemption for professionals is limited to only 20 per cent.

Exemption will remain like PF account

PFRDA Chairman Supratim Bandyopadhyay says that now that the central and state employees are being given tax exemption on the entire 14% contribution made by their employer, now the corporate sector employees will also get the benefit. must be given. Actually, with this step, the tax exemption available on NPS will reach equal to PF account. At present, 12 percent contribution is made by the employee in the PF account and 12 percent by the employer. In this way, tax exemption is given on the total amount of 24 percent.

Now tax rebate up to 50 thousand on pension also

PFRDA has now proposed to give a rebate of 50 thousand as standard deduction on the pension received under NPS. Actually, at present, the benefit of standard deduction of 50 thousand is given on salary during the job, while some employers give this benefit on pension also. But, pension under NPS is given by third party service provider. Therefore, this amount is taken as other income, on which the benefit of standard deduction is not available.

PFRDA chairman says that now the employees who buy annuity under NPS should also consider the income from it as part of their salary and get the benefit of standard deduction on that too. At present, the Finance Ministry is considering this proposal and a decision may be taken to extend 24% tax exemption to private sector employees on NPS.

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At the same time, before retirement, if funds are needed in an emergency, you can withdraw 60 percent of the amount from the deposit. However, it is necessary to put 40 percent of this amount in pension. Today we will know here that if someone wants to exit from NPS, how can he do it? Explaining further about its rules and process.

Let us tell you that NPS gives three different types of exit options. The first one gives the option of premature exit i.e. before the age of 60 years. The second gives the option to exit at the age of 60 years or more and the third allows to exit in case of untimely death of an account holder.

Rules for exit from NPS

After retirement till the age of 75 years, customers can opt for lump sum or annual withdrawal i.e. pension option to exit from NPS or can also postpone both. After 75 years, they have to exit from this scheme. However, its default option allows annual withdrawal of a minimum of 40 percent of the deposit amount and one-time withdrawal of the remaining 60 percent. At the same time, the customer also has the option of annual withdrawal of the entire amount.

Process of exit from NPS

Subscribers can now exit NPS through both offline and online mode. To process the exit online, the customer can place his request online with the help of OTP/e-sign. According to PFRDA, in the online process, customers will be able to log in to the Central Record Keeping Agency (CRA) system and submit an exit request.

Here they have to submit the details related to the exit. In this, customers can choose the option of lump sum or annual withdrawal. For this, the customer has to provide details of fund allocation, Annuity Service Provider (ASP), Annuity Scheme etc.

Along with this, KYC and other documents will have to be uploaded. After this POP also verifies the customer bank account number and uploaded documents with the help of ‘Instant Bank Account Verification’. To process this request, the customer also has to pay its charges. These charges are 0.125% of the total fund

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Meanwhile, a big announcement has been made by the government regarding pension. This is going to affect millions of people. In fact, the pension fund regulator Pension Fund Regulation and Development Authority (PFRDA) has made the paperless membership process more accessible, saying that the paper process of becoming part of the scheme can be completed through the government’s central ‘KYC’.

Central KYC

On behalf of the government, it has been said that under ‘Central KYC’, the applicant has to complete the verification process related to ‘Know Your Customer’ (KYC) only once and after that it can be used by all the financial institutions under different regulators. considered eligible to apply for.

Digital Application Facility

Subscribers have already been given the facility of digital application under the National Pension System (NPS) by the Pension Fund Regulatory and Development Authority (PFRDA) from the documents issued through DigiLocker, Aadhaar eKYC, PAN or bank account details. However, now NPS account can also be opened through paperless CKYC.

Authorized body

The regulator has said that now shareholders are also being given another option to open NPS account through online and paperless CKYC. CKYC is managed by Securitization Asset Reconstruction and Security Interest (Kersai). It is a body authorized to act as the Central KYC Registry on behalf of the Central Government.

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will not have such trouble

Central KYC (CKYC) is a government initiative that saves users the hassle of having to do KYC repeatedly to avail services from financial sectors that come under different regulators. You will not need to do KYC before availing any financial service. You just have to do CKYC once.

service is available here

Pension Fund Regulatory and Development Authority (PFRDA) facilitates digital onboarding for its pension plans under National Pension System ( NPS ) through documents already issued through DigiLocker, Aadhaar eKYC, PAN or bank account information .

online service

In a series of digital initiatives as part of Azadi Ka Amrit Mahotsav to mark 75 years of India’s Independence, PFRDA said that potential customers have been given another option to open NPS account through CKYC which is online and paperless. Is.

It will be easy for customers

CKYC is managed by the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI). It is an authorized Central Government entity to function as the Central KYC Registry (CKYCR). PFRDA said that the objective of CKYCR is to simplify the process of account opening with financial service providers and save investors from the hassle of preparing and verifying KYC documents every time.

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If you are also planning for retirement and want to open an NPS account, then there is good news for you. The Pension Fund Regulatory and Development Authority (PFRDA) has changed the rules for opening an NPS account. PFRDA said that now National Pension System (NPS) account can also be opened through Central KYC (CKYC).

Information given by PFRDA

According to the information given by PFRDA, the entire process through CKYC will be paperless. Actually, KYC is required to be done only once in CKYC. Thereafter, post CKYC account opening in financial services institutions becomes easy as it does not require the investors to submit documents for KYC.

NPS account opening made easy

According to a report in Financial Express, ‘After Central KYC (CKYC), you are free from filling KYC forms again and again in your financial institution. Just some time back, the central government has started this facility. CKYC is managed by the Central Registry of Securitization Asset Reconstruction and Security Interest of India ie CERSAI. Under this, you will get your complete KYC information in just one number.

How to open NPS account with CKYC

1. For this you first go to the registration page of http://www.camsnps.com and fill the information asked there.
2. Now click on Open New Account.
3. Now OTP will come on your given mobile, enter it at the specified place.
4. If the PAN, date of birth and email/mobile number match, your KYC details will appear on the screen.
5. Now click on ‘Yes’ to proceed with the details available in CKYC.
6. Now click on applicant type and status.
7. Now here the name of the subscribers will be populated against the name field as available in CKYC. The date of birth given in CKYC will also be visible. Apart from this, father’s name, mother’s name and gender etc. will also be seen. These can also be edited.
8. Let us tell you that the address of the customer available in CKYC will also be automatically filled in front of the address field.
9. After entering all the requested data, click on save details. By doing this, the acknowledgment number will be generated.
10. This acknowledgment number will be sent to the subscriber through SMS and email.
11. The photo of the subscriber available in CKYC will appear on the screen and the signature will also be auto-populated.

In this way you can easily open your NPS account sitting at home.

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The possibility of getting higher returns for investors in NPS has increased. According to pension fund regulator PFRDA, now after reaching the age of 51, subscribers will be able to put 75 per cent of their investment in equities linked to equity in Tier 1 account under Active Choice. Also, for this they will not be compelled to accept any condition like reducing their contribution.

PFRDA has said in a notification that it has changed the rules for investment in equity for Tier 1 and Tier 2 accounts. Information about the new rule has been given in a new circular. It is worth mentioning that under NPS, the subscribers get two options to invest in equities which are Auto Choice and Active Choice.

The PFRDA notification also said that with the change in the rules for investing in Tier 1 account, subscribers have been given the option to transfer 100% of the amount in the Tier 2 account to equity under Active Choice. It may be noted that at present, NPS subscribers have to choose any one registered pension fund. This is followed by four options under Active Choice – Equity, Corporate Bond, Government Security, and Alternate Assets.

What is the difference between Tier 1 and 2 account-

Two types of accounts are opened in NPS. In these, Tier 1 account is mandatory and pension is fixed on the basis of the amount deposited in it. There is an exemption to withdraw the amount only after retirement. Whereas Tier 2 account is like a savings account and it can be opened only if you have a Tier 1 account. You can withdraw money from it at any time.

Balance between risk and return

Financial advisors say that during the Corona period, there has been a lot of enthusiasm about investing in stocks and related products. Seeing the high returns, it has increased the attraction of young people as well as older people. He says the risk on investments should decrease with age. Whereas investing in stocks carries the highest risk. However, it also has high returns. This is the reason why PFRDA has tried to strike a balance between investment and risk for the shareholders.

Choose the option carefully-

Pension fund regulator PFRDA has advised that subscribers should assess their past performance and risk appetite before choosing an investment scheme or category in it. After that you should decide to invest in it. Financial advisors say that the performance should be based on at least five years rather than one year or so. Also one should compare with others in that category.

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Pension regulator Pension Fund Regulatory and Development Authority (PFRDA) in the country has made some changes in the NPS rules in recent days, which we are going to tell about here.

Payment of Trail Commission to POP In order to support POP ie Point of Purchase, PFRDA has now issued a new rule regarding Trail Commission. According to this, now NPS account holders will have to pay trail commission to the POP. Along with this, PFRDA clarified that the MPS contribution made through D-Remit will attract trail commission like e-NPS (contribution to NPS online mode). This rule has been implemented on September 1, 2022.

According to the information given by PFRDA, the trail commission paid to the POP will be a minimum of Rs 15 and a maximum of Rs 10,000 or 0.20 percent of the contribution amount.

NPS e-nomination

PFRDA has recently changed the e-nomination process for government and non-government sector employees. According to the new rules, the nodal office will now have the right to accept or reject the application for e-nomination made by the NPS account holder. If the nodal office does not take any action on the same within 30 days, then the application for e-nomination will automatically go to the Central Recordkeeping Agency (CRA). This rule will come into effect from 1 October 2022.

Payment by Credit Card

Under the new rules issued by PFRDA, NPS account holders residing in Tier-II cities will no longer be able to contribute to NPS through credit cards. This notification was issued by PFRDA on 3 August 2022. Since then, credit card contributions to NPS account holders in Tier-II cities have been banned.

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The Pension Fund Regulatory and Development Authority (PFRDA) has recently made several changes for the National Pension System subscribers and pensioners. Here we are telling 5 changes in NPS rules that NPS account holders should know.

1. Now the commission will be available on opening

the account, the Point of Presence (PoP) opening the account of NPS will get the commission. POPs include banks, NBFCs and other entities. They register people in NPS and provide many more facilities to the subscribers. From September 1, 2022, POP will get commission from Rs 15 to Rs 10 thousand on opening the account.

2. Changes in the process of e-nomination

As per the new procedure, now the Nodal Office will have the option to accept or reject the one-time e-nomination request. If the nodal officer does not decide on the e-nomination within 30 days from the date of application, the request will be accepted through the Central Recordkeeping (CRA) system. This new rule is effective from 1 October.

3. No separate form for annuity plan

At the time of maturity, no separate form will be required to purchase annuity. IRDAI has taken this decision to relax the onboarding process for APS subscribers. Now exiting the NPS scheme will be treated as an offer to buy annuity from life insurance companies.

4. The process of submission of life certificate will be easier

IRDAI has asked insurance companies to simplify the process of submission of life certificate. It has asked insurance companies to follow Aadhaar based authentication or verification of life certificate.

5. Now Contribution will not be able to be made in Tier-II Account by Credit Card PFRDA has decided to stop the facility of payment of Contribution through Credit Card by making major changes in Tier-II Account of APS. PFRDA had given this information through a circulation on August 3. After this decision of PFRDA, the facility of payment by credit card for Tier-I account of NPS will continue, while for Tier-II account payment by credit card will no longer be possible. It is noteworthy that earlier the contribution could also be made through credit card in Tier-II account also.

What is NPS

Significantly, NPS is a government retirement savings scheme, which was launched by the central government in the year 2004. Since 2009, this scheme was also opened to people working in the private sector.

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Earlier it used to take four days after requesting for withdrawal. The Pension Fund Regulatory and Development Authority with the help of Central Recordkeeping Agencies (CRAS), Pension Fund (PFS) and Custodians has enhanced its IT capability along with improving the system interface, to reduce the time taken for transactions under NPS. can go

Earlier, IRDAI has made many changes to improve NPS.

Earlier, the insurance sector regulatory body IRDAI has simplified the process of buying annuity from NPS funds after retirement. For this, an important change has been made in the rules of the National Pension Scheme, due to which it has become even easier to arrange for regular income after retirement.

According to IRDAI, now no member of the scheme will have to fill any separate proposal form to buy annuity from his NPS fund after retirement. Because earlier, those investing in NPS had to submit an exit form to PFRDA (Pension Fund Regulatory and Development Authority (PFRDA)) as well as a proposal form to insurance companies to buy annuity at the time of retirement.

Actually, the work of providing annuity to NPS subscribers is done by those insurance companies, which have been approved by PFRDA for this. Along with this, IRDAI monitors this entire process as a regulator of insurance companies acting as Annuity Service Provider (ASP).

According to the PFRDA rules, it is necessary to invest at least 40 percent of the amount deposited in the NPS in the purchase of annuity, against which pension is given every month. The remaining 60 percent can be withdrawn in lump sum after retirement.

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PFRDA has reduced the time limit for taking final payment from NPS. The Custodian of Pension Funds on behalf of PFRDA has made changes in the system interface of NPS. Under this, it has enhanced its information technology capabilities to reduce the time limit of various transactions.

Under this change, the withdrawal requests of the subscribers will be made on T+2 days instead of T+4. Here T means the day the shareholder requested. That is, after the request, it will take two days and that is, a total of 3 days. Earlier this work was done in five days.

Under the new system, the requests related to CRA will be settled on T+2 basis till 10:30 am. At the same time, the requests received from the stakeholders of Keffin Technologies Limited and CAMS CRA till 11 am will be settled on T+2 basis. Even before this, many changes have been made in the rules related to NPS.

Changes have been made in the e-nomination process of NPS. The new rule will come into effect from October 1. Under this, the nodal officer can accept or reject the application for e-nomination. If the Nodal Officer does not decide on the e-nomination within 30 days from the date of application, the request will be accepted through the Central Record Keeping System.

Earlier, the subscribers of NPS were required to fill an exit form on completion of the deadline. Along with this, it was also necessary to fill the form to buy an annuity plan in the life insurance company. But now the annuity plan can be applied for only through the exit form. So now there will be no need to fill the form.

NPS pensioners will now be able to submit a digital life certificate as well. It will depend on Aadhaar verification. This work can be done with FaceRD app, in which digital life certificate can be made by downloading the app in mobile.

Account holders of Tier-2 cities will no longer be able to deposit money in the NPS account by credit card. This rule has been implemented only last month. However, account holders of Tier-1 city can deposit money in the account by credit card.

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Regarding this, personal finance expert Pankaj Mathpal says that if you have invested in Atal Pension Yojana, then the new rule will not affect you. Even if you are already a taxpayer. Those who opened the account before 1 October will continue to get the benefit of the scheme.

The documents related to Atal Pension Yojana include bank and savings account information as well as APY registration form, Aadhaar / mobile number and balance details in savings account. Under this scheme of the central government, a pension of Rs 1,000 to Rs 5,000 is given.

This scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA). You can open an APY account in any bank for the scheme. Your money is deducted from that bank account through auto debit.

Atal Pension Yojana (APY) is a good scheme for Indian workers in the unorganized sector. Under APY, a minimum pension of Rs 1,000, 2,000, 3,000, 4,000 or 5,000 is guaranteed. According to which you give consent to the bank, the money will be deposited and you will get pension.

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Know what changed?

Let us tell you that from now on, Point of Presence (PoP) will be given commission on opening NPS account. Banks, NBFCs and many other types of entities are included in POP. It is through these that people are registered in NBFCs. Along with this, many types of facilities are made available to the subscribers.

POP will get the benefit from September 1, 2022 i.e. from today, Rs 15 to Rs 10,000 will get commission. PFRDA has told that this step will also give a boost to POP. He makes a lot of efforts to open the NPS account of the customers.

Commission will be charged from customers According to the information given by PFRDA, POP will be given 0.20 percent commission in a given time period. Please tell that this commission will be taken from the customers only. This will be recovered by reducing the number of units he has invested in at fixed intervals.

How much is the pension fund If we talk about the pension fund present in the country, then it is Rs 35 lakh crore. Out of this, 22 percent i.e. a total of Rs 7.72 lakh crore is with NPS. At the same time, EPFO ​​manages 40 percent of the share.

Let us tell you that if the average age of the investor is 21 years and he invests Rs 2,000 in NPS every month, then you can get huge benefits. If you join NPS at the age of 21 and keep the investment target till the age of 60, then you will get the investment time till 39 years.

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PFRDA says that existing NPS account holders can now make necessary changes in PRAN by logging in with their ID password to complete the e-nomination process. Apart from this, the subscriber can also submit the application for change in his nomination physically, which will have to be given to the concerned Nodal Officer or Point of Presence (POPs).

PFRDA has said in the circular issued on August 25 that if the nodal office does not work on the application of nomination within 30 days, then it will be approved for the CRA system. The revised process of e-nomination will come into effect from October 1, 2022.

PFRDA has said that the e-nomination service for NPS subscribers is available only after the notification issued on 3rd September, 2020. To change the nomination in the PRAN of such account holders of government or corporate sector, it is necessary to get approval from the concerned nodal officer or corporate. It is seen that till now a large number of e-nomination requests are pending. These requests are awaiting approval from the nodal office and corporate.

If not a decision in 30 days… The Pension Fund Regulator has clearly said that a major change is being made in the rules of the nomination process keeping in view the interests of the subscriber. Under this, once the subscriber has started the nomination request, the nodal office should either accept it or reject it within 30 days. If no action is taken by the Nodal Office within this period, the application will be accepted in the CRA system. The new rule will also work for existing account holders, whose application is currently pending at the nodal office.

How many nominees can be made According to the guidelines of PFRDA, at the time of opening the NPS account, you are asked for the information of the nominee, which is mandatory to be filled. A maximum of 3 nominees can be added for Tier 1 and Tier 2 accounts of NPS. After the death of the account holder, the amount is allotted to the nominee only. The account holder also decides which nominee will get what percentage of the amount, which should not exceed 100% in the aggregate.

PFRDA says in the nomination that if you have made the nomination at the time of opening the NPS account and at the time of PRAN registration, then you will not have to pay any fee. But if you have submitted nomination request later, it will be treated as service and you will be charged Rs 20 along with service tax.

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National Pension Scheme Regulator, Pension Fund Regulatory and Development Authority has now changed the rules of National Pension Scheme (NPS). Now the Point of Presence (PoP) opening NPS account will get commission.

POPs include banks, NBFCs and other entities. They register people in NPS and provide many more facilities to the subscribers. From September 1, 2022, POP will get commission from Rs 15 to Rs 10 thousand on opening the account. PFRDA says that this move will give a boost to POPs as they put in a lot of effort and use their own resources to open an NPS account.

The move is aimed at providing compensation to the POPs, who are still incurring losses in terms of fees. PFRDA has clarified that this commission will be payable to the POP when the customer opts to send money directly from his account to the concerned entity under the ‘All Citizen Model’.

You will get 0.20% commission on investment amount

As per the new rules of PFRDA, it has been decided to give commission to the POPs supporting the expansion of NPS for a fixed period from 1st September 2022. The pension regulator said that transferring money directly from the bank account to the agency concerned for contribution to the National Pension System is similar to e-NPS.

The commission on this will be given to the POP. On direct money transfer, the POP will be given a commission of 0.20 percent over a certain period. The commission will be a minimum of Rs 15 and a maximum of Rs 10,000. This commission will be taken from the customer only. This will be recovered by reducing the number of units he has invested in at fixed intervals.

National Pension Scheme is a social security initiative by the Central Government. It was started in 2004 for government employees. But in 2009 it was opened to all classes. National Pension Scheme is a voluntary and long term investment scheme for retirement.

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In this scheme, which will be implemented from September 1, POPs will be able to get a minimum of Rs 15 and a maximum of Rs 10 thousand. This commission will be available to the POP when the subscribers opt to remit the money directly from their account to the concerned entity under the ‘All Citizen Model’.

PFRDA’s move will give a boost to PoP

The purpose of this move is to provide compensation to Point of Presence (PoP) facilitators of opening NPS accounts, who are suffering losses in terms of charges. POPs include banks, NBFCs and other entities.

They provide related services to the subscribers along with the registration under NPS. The Pension Fund Regulatory and Development Authority (PFRDA) said that this move will give a boost to POPs as they try hard to open an NPS account. As per the information released by PFRDA, it has been decided to pay commission of 0.20% on the invested amount with effect from September 1, 2022, to support the efforts of expansion of NPS.

The pension regulator said, the transfer of money directly from the bank account to the agency concerned for contribution to NPS is like e-NPS. The commission on this will be given to the concerned POP.

The commission to be paid to the POP for a fixed period on direct transfer will be 0.20 percent of the contribution amount. The minimum commission amount will be Rs 15, in this way it will be at least Rs 15 and maximum Rs 10 thousand. This commission will be charged from the customer at fixed intervals after deducting the number of units he has invested.

The facility to transfer funds directly to the agency concerned has been introduced as a customer-centric approach. If the Trustee Bank receives the contribution amount before 9.30 am, it optimizes the investment returns of the customers by offering the same day Net Asset Value (NAV).

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There is good news for the account holders of National Pension System (NPS). The Pension Fund Regulatory and Development Authority (PFRDA) has also started the facility of Unified Payment Interface (UPI) for contribution through de-remit. That is, now account holders can also put money in NPS through UPI. Till now this deposit was done only through IMPS / NEFT / RTGS.

Now with the facility of payment through UPI, it will be easier for the account holders to contribute. Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that through UPI you can transfer money at any time throughout the day. Let us tell you that this facility has also been started for the account holders of Atal Pension Yojana. However, the contribution made before 9.30 am will be counted as investment for that day but after that, it will be counted as investment for the next day.

How to make payment through UPI

• First of all login to the website of ENPS.
• Verify your Permanent Account Number.
• You will get OTP on registered mobile number or e-mail.
• Select Tier-1 or 2 account for which Virtual Account (VAN) is to be created.
• Give your consent and select Generate Virtual Account.
• An application will be sent to your trustee bank and you will get the acknowledgment number.
• Enter the 15 digit VAN in your UPI handle.
• After that enter PFRDA.15digitVirtualAccount@(bank’s name) and send Rs.

What is National Payment System

Let us tell you that the NPS scheme is for the employees of the organized sector. It was made mandatory for central government employees (except armed forces) in 2004. This is applicable to only those employees who have joined the service from 1st January 2004. In May 2009, it was extended to the private and unorganized sector on a voluntary basis.

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With the aim of providing pension facility to the people working in the unorganized sector, the government had started the Atal Pension Yojana, in which the government is going to make a big change from October 1, 2022. The Central Government has amended the investment rules of Atal Pension Yojana, after which Income Taxpayers i.e. income tax payers will not be able to invest in ‘Atal Pension Yojana’. This change in ‘Atal Pension Yojana’ will be applicable from October 1.

While issuing a notification regarding the ‘Atal Pension Yojana’, the Finance Ministry said that from October 1, 2022, no taxpayer will be eligible to invest in APY. If any taxpayer opens an account in Atal Pension Yojana after October 1, 2022, then after scrutiny such account will be closed and till that time the money deposited in Atal Pension Yojana will be transferred to the customer’s account.

Will help in preventing misuse of ‘Atal Pension Yojana’

At the time of the launch of ‘Atal Pension Yojana’, the central government had said that through this scheme people working in the unorganized sector would get financial assistance. The government had told in the beginning of this scheme that this scheme is for the people of low income group. The investment expert said that with this step of the government, genuinely eligible people will be able to get the benefit of this scheme. It is a social security scheme, which is meant for low income people. After this notification of the Finance Ministry, it will help in preventing the misuse of this social security scheme.

Minimum guaranteed pension is available in Atal Pension Yojana

According to the investment of the investors of Atal Pension Yojana, minimum guaranteed pension is available after the age of 60 years. However, through this scheme, a person can get guaranteed pension ranging from Rs 1 thousand to Rs 5 thousand only. In this scheme, the investment amount is decided according to the return. At the same time, after the death of the person investing in this scheme, the nominee made by him gets his money.

‘Atal Pension Yojana’ launched in 2015

The ‘Atal Pension Yojana’ is being operated by the pension regulator PFRDA, which was started in the year 2015. This scheme was mainly started for people working in the unorganized sectors, but any Indian citizen of 18 to 40 years can invest in this scheme.

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The good news is that there is no change in oil prices. Oil prices have remained stable in all major cities including the four metros of the country. Petrol is being sold at Rs 96.72 in the capital Delhi and Rs 106.31 in Mumbai. Dealers say that if the prices of crude go up, then the companies can increase the prices of petrol and diesel again. The investment amount and your age will determine how much pension you will get after maturity. This scheme is operated by the Pension Fund Regulatory and Development Authority (PFRDA).

Petrol-diesel prices in four metros

– Petrol in Delhi Rs 96.72 and diesel Rs 89.62 per liter
– Petrol in Mumbai Rs 106.31 and diesel Rs 94.27 per liter
– Petrol in Chennai Rs 102.63 and diesel Rs 94.24 per liter
– Petrol in Kolkata Rs 106.03 and diesel Rs 92.76 per liter

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The government has made a big change in the rules of Atal Pension Yojana, started for the convenience of pension to the people working in the unorganized sector. After October 1, 2022, no such person will be able to invest in this scheme, which pays income tax. A notification in this regard has been issued on August 10.

Atal Pension Yojana (APY) was launched in the financial year 2015-16. This scheme was started especially for those people who are not able to take benefit of any other government pension. In just 6 years, this scheme has reached 4 crore people. 99 lakhs joined this scheme only in the last financial year. According to the Pension Fund Regulatory and Development Authority, by the end of FY 2022, 4.01 crore people were investing in this scheme.

Now the rules have changed

According to a report by Live Mint, in the notification issued by the Department of Financial Services, which comes under the Ministry of Finance, it has been said that those who Income Tax If you fill, they will not be able to apply for the Atal Pension Scheme. The new rule of the Ministry of Finance will come into force on October 1, 2022. On or after October 1, the income tax payer who applies for this scheme will open the account, his account will be closed and the pension money deposited in the account will be returned to the subscribers.

Pension is available from 1 thousand to 5 thousand

Atal Pension Yojana (APY) is a pension scheme for the citizens of India, which is run for the workers of the unorganized sector. Under APY, a minimum pension is guaranteed which is Rs.1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000 or up to Rs.5,000 is given. According to the customer deposit money in this account, according to that, pension is given at the age of 60 years.

The investment amount and your age will determine how much pension you will get after maturity. This scheme is operated by the Pension Fund Regulatory and Development Authority (PFRDA).

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Pensioners of this scheme will get benefits. Let us know about this special scheme of the government. Under this program, preparations are being made to bring Minimum Assured Return Scheme, which will benefit crores of investors of the country. It can be launched in the National Pension System (NPS) itself by 30 September.

Scheme may start from 30th September

PFRDA chairperson Supratim Bandyopadhyay said, “Right now we are working on the minimum guarantee return scheme. He said that PFRDA understands the impact of inflation and depreciation of rupee on its investors and gives returns accordingly. At present, work is underway on a minimum return scheme in NPS, which will enable investors to get a huge amount. Bandopadhyay told that the minimum guarantee scheme can be started from 30 September.

How much return have you got so far?

Supratim Bandopadhyay has informed that in the last 13 years, the National Pension Scheme has given investors returns at the rate of more than 10.27% annually. In fact, to provide relief from rising inflation, efforts are being made to ensure that investors get strong returns under NPS. With the advent of the Guarantee Return Scheme, crores of people of the country will benefit and the number of people applying for the National Pension will also increase rapidly.

Subscribers will become 20 lakhs

Now let’s talk about returns, then the chairperson of PFRDA said that the size of pension assets is Rs 35 lakh crore, out of which 22 percent i.e. total Rs 7.72 lakh crore is with NPS and 40 percent is with EPFO ​​(Employees Provident Fund Organization). The maximum age of joining has now been increased to 70 years, due to which the number of subscribers has increased a lot. Now the total number of subscribers has increased from 3.41 lakhs to 9.76 lakhs.

Know what is NPS

The Central Government had compulsorily implemented NPS for its employees on 1 January 2004. After this all the states adopted NPS for their employees. After the year 2009, this scheme was also opened to those working in the private sector. After retirement, employees can withdraw a part of NPS, while the rest can take annuity for regular income. Anyone in the age group of 18 to 70 years can take the National Pension Scheme.

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Office of 8 Schemes That Will Make You Crorepati in Few Years The Pension Fund Regulatory and Development Authority (PFRDA) has invited suggestions from consultants requesting proposals for designing the scheme. Earlier, Chairman of Pension Regulatory Supratim Bandyopadhyay had said that discussions are being held with pension funds and actuarial firms in this regard. Minimum Assured Return Scheme is permitted under the PFRDA Act. The funds being managed under Pension Fund schemes are mark-to-market. It has some ups and downs. These are evaluated on the basis of market conditions.

Know what is National Pension Scheme (NPS)

The Central Government had compulsorily implemented the National Pension Scheme on 1 January 2004 for its employees. After this all the states have implemented NPS for their employees. This scheme has also been started for those working in the private sector after 2009. Employees can withdraw a part of NPS after retirement. Also, from the remaining amount, you can take an annuity for regular income. Any person in the age group of 18 to 70 years can avail NPS.

Know what advisors are saying As per the RFP draft of PFRDA, the appointment of a consultant for preparation of Guaranteed Return Scheme under NPS should not create a principal-agent relationship between PFRDA and the service provider. As per the directions of the PFRDA Act, a subscriber opting for a scheme under the National Pension Scheme which gives ‘Minimum Assured Returns’ will have to offer such a plan by a pension fund registered with the regulator. Thus the advisors will have to formulate a ‘Minimum Assured Return’ scheme for the existing and potential clients by the pension fund.

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Minimum assured return scheme will start

The Pension Fund Regulatory and Development Authority (PFRDA) has invited suggestions from the Request for Proposal for consultants to design the scheme. Earlier, Chairman of Pension Regulator Supratim Bandyopadhyay had said that discussions are being held with pension funds and actuarial firms in this regard. Under the PFRDA Act, a minimum assured return scheme is permitted.

The funds being managed under pension fund plans are marked-to-market. There are some ups and downs in it. These are evaluated on the basis of market conditions.

Know what is National Pension Scheme (NPS)

The Central Government had compulsorily implemented the National Pension Scheme for its employees on January 1, 2004. After this, all the states have implemented NPS for their employees. After 2009, this scheme has also been started for those working in the private sector. Employees can withdraw a part of NPS after retirement. Also, from the rest of the amount, you can take an annuity for regular income. Any person in the age group of 18 to 70 years can take advantage of NPS.

Know what advisors are saying

As per the RFP draft of PFRDA, the appointment of a consultant for preparation of the Guaranteed Return Scheme under NPS should not create a principal-agent relationship between PFRDA and the service provider.

As per the instructions of the PFRDA Act, the subscriber opting for a scheme under the National Pension Scheme which gives ‘Minimum Assured Return’, such scheme will have to be offered by the Pension Fund registered with the regulator. In this way the advisors will have to prepare a ‘Minimum Assured Return’ scheme for the existing and potential subscribers by the Pension Fund.

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To provide social security to more citizens the Government of India has started the National Pension System.

Government of India established Pension Fund Regulatory and Development Authority (PFRDA)– External website that opens in a new window on 10^th October, 2003 to develop and regulate pension sector in the country. The National Pension System (NPS) was launched on 1st January, 2004 with the objective of providing retirement income to all the citizens. NPS aims to institute pension reforms and to inculcate the habit of saving for retirement amongst the citizens.

Initially, NPS was introduced for the new government recruits (except armed forces). With effect from 1^st May, 2009, NPS has been provided for all citizens of the country including the unorganised sector workers on voluntary basis.

Additionally, to encourage people from the unorganised sector to voluntarily save for their retirement the Central Government launched a co-contributory pension scheme, ‘Swavalamban Scheme– External website that opens in a new window‘ in the Union Budget of 2010-11. Under Swavalamban Scheme– External website that opens in a new window, the government will contribute a sum of Rs.1,000 to each eligible NPS subscriber who contributes a minimum of Rs.1,000 and maximum Rs.12,000 per annum. This scheme is presently applicable upto F.Y.2016-17.

NPS offers following important features to help subscriber save for retirement:

• The subscriber will be allotted a unique Permanent Retirement Account Number (PRAN). This unique account number will remain the same for the rest of subscriber’s life. This unique PRAN can be used from any location in India.

PRAN will provide access to two personal accounts:

• • Tier I Account: This is a non-withdrawable account meant for savings for retirement.
  • Tier II Account: This is simply a voluntary savings facility. The subscriber is free to withdraw savings from this account whenever subscriber wishes. No tax benefit is available on this account.

Who can join NPS?

Any individual between the age of 18 and 60 years can open a pension account under NPS through eNPS using one of the following options.

Option 1 – Registration using Aadhaar

✔  You must have an ‘Aadhaar number’ (with a mobile number registered with Aadhaar)

✔  Your KYC in NPS will be done using Aadhaar through One Time Password (OTP) authentication

✔  OTP for the purpose of authentication will be sent to the mobile number registered with the Aadhaar

✔  Your demographic details and photo will be fetched from Aadhaar database and populated in online form

✔  You need to fill up all the mandatory details online

✔  You would be required to upload your scanned signature (in *.jpeg/*.jpg format having file size between 4kb – 12kb) as part of the registration process

✔  In case, you wish to replace the photo obtained from Aadhaar, you may upload a scanned photograph

✔  You will be routed to a payment gateway for making the payment towards your NPS account from Debit/ Credit card or Internet Banking

Option 2 – Registration using PAN (KYC verification by Bank)

✔  You must have a ‘Permanent Account Number’ (PAN)

✔  Bank account with the empanelled Bank for KYC verification for subscriber registration through eNPS

✔  Your KYC verification will be done by the Bank selected by you during the registration process.Name and address provided during registration should match with bank records for KYC verification. If the detail don’t match , the request is liable for rejection.In case of rejection of KYC by the selected Bank, applicant is requested to contact the Bank

✔  You need to fill up all the mandatory details online

✔  You need to upload your scanned photograph and signature in *.jpeg/*.jpg format having file size between 4kb – 12kb

✔  You will be routed to a payment gateway for making the payment towards your NPS account from Internet Banking

  In addition, NRI subscribers should,

✔  Select the Bank Account Status i.e., Non-Repatriable account or Repatriable account

✔  Provide the NRE/NRO bank account details and upload scanned copy of passport

✔  Select the preferred address for communication i.e., Overseas Address or Permanent Address (communication at overseas address would entail extra charges)

After Permanent Retirement Account Number (PRAN) is allotted, subscriber can use one of the following options:

Option 1 – eSign

For Tier I PRANs generated through Aadhaar, you have option to eSign the document by following the below mentioned steps:

✔  Select ‘eSign’ option in the eSign / Print & Courier page

✔  OTP for the purpose of authentication will be sent to your mobile number registered with the Aadhaar

✔  After Authentication of Aadhaar, Registration form will be successfully eSigned

✔  Once a document is eSigned, you need not send the physical copy of form to CRA

✔  eSign charge ₹ 5 plus GST

Option 2 – Print and Courier

✔  Select ‘Print & Courier’ option in the eSign / Print & Courier page

✔  You need to take a printout of the form, paste your photograph (please do not sign across the photograph) & affix signature

✔  You should sign on the block provided for signature

✔  The photograph should not be stapled or clipped to the form

✔  The form should be sent within 90 days from the date of allotment of PRAN to CRA at the following address or else the PRAN will be ‘frozen’ temporarily

• Central Recordkeeping Agency (eNPS)
• NSDL e-Governance Infrastructure Limited,
• 1st Floor, Times Tower,
• Kamala Mills Compound, Senapati Bapat Marg,
• Lower Parel, Mumbai – 400 013

Processing of subsequent contribution:

All existing subscribers (registered through both online and offline mode) can contribute in Tier I & Tier II account using ‘eNPS’. To contribute online, you need to

✔  Have an active Tier I / Tier II account

✔  Authenticate your PRAN using the OTP sent to your registered mobile number

✔  Pay through your Debit / Credit card or use Internet Banking option.

✔  POP Service Charges will be applicable on the contribution amount @ 0.10% (subject to minimum of ₹ 10 and maximum of ₹ 10,000 per transaction). This service charges will not be applicable for subscribers registered in eNPS through Aadhaar

Processing of APY Application:

Any individual between 18 -40 years (39 years 364 days) can initiate opening an Atal Pension Yojana account through eNPS platform using following process:

Registration using Aadhaar

✔  You must have an ‘Aadhaar number’ (with a mobile number registered with Aadhaar)

✔  Select the bank where you have an existing saving bank account

✔  Enter savings bank account number for selected bank

✔  OTP for the purpose of authentication will be sent to the mobile number registered with the Aadhaar

✔  You need to fill up all the mandatory details online

✔  APY PRAN allotment will be subject to verification of details and upload of subscriber registration file by bank.

✔  APY registration through eNPS, first contribution is mandatory. Kindly keep a sufficient balance in your savings bank account to avoid rejection.

eSign the document

Request for APY through Aadhaar, you have to eSign the document by following the below mentioned steps:

✔  Select ‘eSign’ option in the eSign.

✔  OTP for the purpose of authentication will be sent to your mobile number registered with the Aadhaar

✔  After Authentication of Aadhaar, Registration form will be successfully eSigned.

✔  Once a document is eSigned, you need not send the physical copy of form to CRA

✔  eSign charge ₹ 5 plus GST

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